Bitcoin whales signal confidence as net inflows remain positive

Despite the slowdown in Bitcoin (BTC) whale hoarding, weekly net flows among these large holders (addresses with at least 1,000 BTC) have remained positive for nearly four months.

Positive net flows indicate that more BTC is entering these wallets than leaving, suggesting potential buying pressure, while negative net flows mean more BTC is leaving these entities.

Whales see a constant flow

according to data since IntoTheBlock, weekly net inflow peaked at 27K BTC (worth roughly $1.7 billion at current prices) in June. Whales subsequently experienced a weekly inflow of 19,000 BTC ($1.2 billion) in July, 18,000 BTC ($1.13 billion) in August, and 9,000 BTC ($556.9 million) in September.

The last time these portfolios experienced negative net flows was in May, according to ITB.

Although $BTC Whaling has slowed, the weekly net flow has remained positive for nearly four months.

The last instance of a weekly net outflow among the majors was in May.
https://t.co/NhVCP3gxOd pic.twitter.com/LlZvz7bEma

— IntoTheBlock (@intotheblock) September 19, 2024

Bullish on Bitcoin

Bitcoin whales are known to be crucial market signals. Sustained positive net flows from whale portfolios suggest a bullish indicator for the digital asset. More BTC coming into these wallets than leaving suggests they are confident in the future market value of the leading crypto asset.

However, it is important to note that the pace of Bitcoin whale accumulation has slowed compared to earlier this year. This, on the other hand, can be seen as a bearish signal.

While data from IntoTheBlock suggests a slowdown in whale hoarding, it was also noted that the BTC holdings of these long-term holders have stabilized recently. According to on-chain analytics platforms, long-term holders currently hold 12.6 million BTC, valued at $793.674 million.

Earlier this month, CryptoPotato reported that Bitcoin wallets with at least 100 BTC hit a 17-month high. This increase was driven by 283 new wallets with 100 BTC or more in the last month.

Bitcoin is trading at $63,000 at press time, representing a 5% increase on the day and a 9% increase over the past week.

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